CIGS Joint Seminar on Macroeconomics

(左から、Imrohoroglu氏、Braun氏、小林研究主幹）

開催概要

題目1："Headwinds and Turbulence since 1990s: Japan's Economic and Fiscal Performance over the Next Decade"
発表者：Prof. Selahattin Imrohoroglu, International Senior Fellow, CIGS / Professor of Finance and Business Economics, Marshall School of Business, University of Southern California
題目2："Monetary Policy in the 21st Century: Challenges and Prescriptions"
発表者：Dr. R. Anton Braun, International Senior Fellow, CIGS / Research Economist and Senior Policy Advisor, Federal Reserve Bank of Atlanta
モデレーター：キヤノングローバル戦略研究所 研究主幹 小林 慶一郎

プログラム

ProgramPDF：108KB

発表資料（Prof. Imrohoroglu）

Presentation by Prof. ImrohorogluPDF：1983KB

発表概要（Prof. Imrohoroglu）

Japanese economic slowdown is now about 25 years old, with not much tailwinds to help jumpstart growth. Previous research has highlighted three issues for the poor economic and fiscal performance: 1) macroeconomic policy mistakes, 2) failure to reform the banking system, and, 3) failure to implement microeconomic/structural reforms. This paper re-visits the economic growth experience of Japan since 1990s, evaluates the proposed reasons for poor economic performance, and, 3) reviews recent academic research to outline a research program designed to measure which policies have the biggest bang-for-the-buck to propel Japan's economy forward. The focus of policy makers is on short run economic objectives. Macroeconomic research suggests, instead, to focus on growth enhancing policies in the medium and the long run that will also help achieve fiscal sustainability.

発表要旨

Prof. Imrohoroglu Speech summary （日本語）PDF：269KB

発表資料（Dr. Braun）

Presentation by Dr. BraunPDF：630KB

発表概要（Dr. Braun）

Although we are only 14 years into the 21st century, it is already clear that the turn of the century marks a turning point for the conduct of monetary policy. The global financial crisis of 2008 and the ensuing super low policy interest rates have led central bankers to adopt new tools for macro-economic stabilization. His presentation provides an overview of current monetary policy issues and policy responses including: quantitative easing (Japan, USA), negative policy rates (Europe), exchange rate pegs (Switzerland) and strategies for normalizing interest rates with a large balance sheet (Japan and USA).

発表要旨

Dr. Braun Speech summary （日本語） PDF：404KB